Washington Wealth Hits $1B AUM With Latest Grab From RBC

Washington Wealth Management now has $1 billion in assets under management after luring two former RBC Wealth Management advisors with $220 million in AUM to its hybrid platform.

Craig Martucci and Todd Adams, cofounders of Martucci Adams Wealth Advisors, have 40 years of combined industry experience between them, according to a Washington Wealth statement about the deal.

The pair brings to nine the total of advisors that San Diego-based Washington Wealth has recruited to its platform since being acquired by National Financial Partners in March. The IBD is now a stand-alone subsidiary of the larger firm.

Martucci Adams specializes in converting wealth into retirement income for clients, according to the statement. The firm also does estate planning and advises on company-sponsored retirement plans.

Founded by former wirehouse advisors, Washington Wealth's business model focuses on providing an attractive independent alternative to other potential breakaways seeking independence, but in a familiar-feeling environment, according to Washington Wealth chief executive Rob Bartenstein.

"We are focused on helping our brothers and sisters in wirehouses who want to get out," Bartenstein says. Like the many other veteran wirehouse advisors who have joined [Washington Wealth], Craig and Todd will benefit right away from the greater freedom and flexibility that come with independence, Bartenstein has said.